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SUBSCRIPTION REVS SAVE BLACKBAUD'S TOP LINE
Blackbaud, which markets nonprofit accounting and fundraising software, showed improved results for the first quarter ended March 31, but company executives noted that the nonprofit business usually lags other markets in a recovery. That’s because it takes a while for donors to start giving money to small NFPs again as business gets better.
Still it reported just under $6 million in net income, an increase of 46.2 percent from $4.1 million in last year’s corresponding period. But the increase in revenue was only 2 percent, hitting $76.2 million in the most recently ended period, up from $74.7 million a year earlier. One problem area was license fees, which dropped to $5.2 million, down 30.2 percent from $7.4 million. That contrasted with Epicor and Deltek which both reported increases in license revenue. However, Blackbaud has one strong source of income those companies don’t, its subscription revenue. And that rose to $19.2 million, up 14.7 percent from $16.7 million a year earlier. While CEO Marc Chardon said executives are encouraged about the business climate, they are remaining cautious in their outlook for 2010 and are continuing to emphasize expense control.
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